David is paid £34000 per year. He is going to get a 3% increase in the amount of money he is paid. Work out how much money David will be paid per year after the increase
Answers
Answer:
his early income=34000
increase in his income =3%
money he will get will be (3÷100×34000) + 34000
which will be equal to 35,020
Step-by-step explanation:
do you understand
The amount David will get at end of 1 years = £ 35020
Given:
David is paid £34000 per year
He is going to get a 3% increase in the amount of money he is paid.
To find:
How much money David will be paid per year after the increase
Solution:
Given initial/Principal amount = £ 34000
Rate of increase = 3% per year
Time period = 1 year
Here we will use Simple interest formula
Simple Interest = PTR/100
The interest i.e Increase = 34000(1)(3)/100 = 1020
The total amount that David will get = Initial amount + Interest
= £ 34000 + £ 1020 = £ 35020
Therefore,
The amount David will get at end of 1 years = £ 35020
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